Slowdonia's current growth rate of real GDP per person is 1 percent a year. Approximately how long will it take to double real GDP per person?

Question

Quizplus · Accepted Answer

The rule of 70 states that to approximate the number of years it takes for a variable to double, divide 70 by the annual growth rate. Therefore, it will take approximately 70 years for Slowdonia's real GDP per person to double at a growth rate of 1 percent per year.

Slowdonia's Current Growth Rate of Real GDP Per Person Is